BitMEX co-founder Arthur Hayes is unloading his altcoin positions, believing that the crypto market will witness a correction this month.
In a new post on the social media platform X, blockchain tracking firm Lookonchain spotted Hayes selling millions of dollars worth of Ethereum (ETH) as well as the memecoin Pepe (PEPE) and the stablecoin-focused project Ethena (ENA).
“Arthur Hayes sold 2,373 ETH ($8.32 million), 7.76M ENA ($4.62 million) and 38.86 billion PEPE( $414,700)…”
The crypto veteran says he’s selling his altcoins because he believes that Q3 will be a period of sluggish economic growth. Hayes believes monetary policies are not loose enough to stimulate the economy, especially with Trump’s tariffs on the horizon.
According to Hayes, macroconditions are ripe to trigger significant retracements for Bitcoin (BTC) and Ethereum.
“Why? US Tariff bill coming due in 3Q … at least the market believes that after NFP (non-farm payroll) print. No major economy is creating enough credit fast enough to boost nominal GDP. So BTC tests $100,000, ETH tests $3,000.”
Despite his short-term bearish stance on crypto, Hayes believes that the asset class is still in a strong uptrend
At time of writing, Bitcoin is trading for $113,197, while ETH is worth $3,420.
